55-504 - Exemption from Insider Reporting Requirements for Certain Officers [BCI - Rescinded]
| Published Date: | 2003-01-10 |
|---|---|
| Effective Date: | 2003-01-09 |
| Rescinded Date: | 2005-04-30 |
January 9, 2003
Douglas M. Hyndman
Chair
________________________________________________________________
(This part is for administrative purposes only and is not part of the Order)
Authority under which Order is made:
Act and sections:- SecuritiesAct, section 91
Other (specify):-
BC INSTRUMENT 55-504
Exemption from Insider Reporting Requirements for Certain Officers
Order under section 91(1)(b) of theSecurities Act
Defined terms
1. In this Instrument:
“major subsidiary” has the meaning set out in National Instrument 55-101 Exemption from Certain Insider Reporting Requirements
“nominal officer” means an individual who is a senior officer but who
(a) does not usually receive or have access to information about material facts or material changes concerning the reporting issuer before the material facts or material changes are generally disclosed;
(b) is not in charge of a principal business unit, division or function of the reporting issuer or a major subsidiary of the reporting issuer; and
(c) is not an insider of the reporting issuer in a capacity other than as a nominal officer.
Interpretation
2.Terms used in this Instrument that are defined in the SecuritiesAct should be read in accordance with the SecuritiesAct.
Exemption from insider reporting for nominal officers
3. Subject to section 4, the insider reporting requirement in section 87 of the Securities Act does not apply to a nominal officer of a reporting issuer or of a major subsidiary of a reporting issuer in respect of securities of the reporting issuer.
Reporting issuer requirements
4. In order for its nominal officers to rely on the exemption in section 3, a reporting issuer must
(a) prepare and keep current a list of all of its nominal officers who will rely on the exemption;
(b) file the initial list with the commission;
(c) have board-approved internal policies and procedures for monitoring and restricting the trading activities of the nominal officers; and
(d) provide copies of the current list and policies and procedures referred to in subsections (a) and (c) to the executive director within one business day after a request by the executive director for them.